Plug Power Acquires ReliOn Inc. for $4 Million in Common Stock


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NASDAQ:PLUG / NASDAQ:CSCO / NYSE:BAC
04/04/2014 [ACCESSWIRE]

Latham, NY-based fuel-cell maker Plug Power Inc. (NASDAQ:PLUG) announced it has acquired the assets of ReliOn Inc., a developer of hydrogen fuel cell stack technology and fuel cell systems based in Spokane, Wash.

Plug Power paid approximately $4 million in Plug Power common stock for ReliOn's assets and will add key ReliOn personnel, primarily in sales and engineering.

The acquisition adds valuable fuel cell stack technology and products that Plug Power plans to integrate into several models of its GenDrive fuel cell systems with first deployments this year.

Deployed More Than 5,000 Fuel Cell Systems

ReliOn develops modular, scalable proton exchange membrane (PEM) hydrogen fuel cell systems that feature innovative air-cooled stack designs with unique, low-cost snap-and-build stack assembly technology. The company has deployed more than 5,000 fuel cell stacks at customer sites.

Currently, Plug Power owns a large portfolio of intellectual property including more than 150 US patents related to fuel cell stack design, fuel cell system design, fuel processing, fuel dispensing, energy storage and controls. This includes patents relating to the safe dispensing of hydrogen and the use of a fuel cell system as a direct battery replacement in material handling applications. The acquisition adds 34 additional US fuel cell patents to the company's portfolio.

Analysts’ Consensus

Of the 2 analysts covering PLUG, 1 recommends a “strong buy” and 1 recommends a “hold.”

On Apr. 3, PLUG’s share price closed at $7.63, up 16 cents from its close of $7.48 the previous day on volume of 27.4 million shares.

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Cisco Expands Its Open IP Cameras Platform

Meanwhile, Cisco (NASDAQ: CSCO) announced Apr. 1 that it’s expanding its open IP Cameras platform to include edge-based storage and application development.

This is a plus for developers because they can also embed instant connect push-to-talk for mobile technology.

According to the San Jose, Calif.-based networking giant it is expanding its ecosystem with the addition of new participants. Integration of Cisco Internet of Things products with ecosystem applications creates new solutions for its customers. New ecosystem members include: Intuvision, Live Action, AgentVi and iOmniscient, AGT International, S2 Securities, Etherstack, Tait, IP Trade and Technuf.

With these capabilities, Cisco’s says its solutions will provide a common platform to enable developers and customers to cost effectively deliver unified solutions for public safety, utilities and industrial environments.

This is the latest news from Cisco since it released its fourth-quarter results Feb. 21. Although they beat consensus estimates with earnings coming in at 47 cents a share compared with analysts’ estimates or 46 cents, the company’s poor showing in emerging markets is considered an Achilles’ heel for the networking giant’s future revenue growth, according to some industry experts.

Net Earnings and Gross Margins Dropping

Another disturbing trend brought to light in Cisco’s financials is the fact that it’s fourth-quarter net earnings dropped by 7% along with its gross margins, declining 19% as a result of lagging sales. 

Analysts’ Consensus

Still, of the 25 analysts covering Cisco, 16 recommend a “strong buy,” 1 recommends a “buy,” 7 recommend a “hold” and 1 recommends a “sell.”

CSCO’s share value closed at $23.09 on Apr. 3, up 10 cents, from its close of $22.99 the previous day.

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Bank of America Corp. to Pay Dividends on Preferred Stocks

In other news, Bank of America Corp. (NYSE:BAC) on Apr. 2 announced the Board of Directors has authorized dividends on preferred stock as follows:

--A quarterly cash dividend of $0.38775 per depositary share on the 6.204 percent Non-Cumulative Preferred Stock, Series D, is payable on June 16, 2014 to shareholders of record as of May 30, 2014.

--A quarterly cash dividend of $0.24722 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series E, is payable on May 15, 2014 to shareholders of record as of April 30, 2014.

--A quarterly cash dividend of $1,022.22222 per share on the Floating Rate Non-Cumulative Preferred Stock, Series F, is payable on June 16, 2014 to the shareholder of record as of May 30, 2014.

--A quarterly cash dividend of $1,022.22222 per share on the Adjustable Rate Non-Cumulative Preferred Stock, Series G, is payable on June 16, 2014 to the shareholder of record as of May 30, 2014.

--A quarterly cash dividend of $0.4140625 per depositary share on the 6.625 percent Non-Cumulative Preferred Stock, Series I, is payable on July 1, 2014 to shareholders of record as of June 15, 2014.

--A semi-annual cash dividend of $40.625 per depositary share on the Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series M, is payable on May 15, 2014 to shareholders of record as of April 30, 2014.

--A semi-annual cash dividend of $26.00 per depositary share on the Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series U, is payable on June 2, 2014 to shareholders of record as of May 15, 2014.

--A quarterly cash dividend of $0.18750 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 1, is payable on May 28, 2014 to shareholders of record as of May 15, 2014.

--A quarterly cash dividend of $0.18542 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 2, is payable on May 28, 2014 to shareholders of record as of May 15, 2014.

--A quarterly cash dividend of $0.3984375 per depositary share on the 6.375 percent Non-Cumulative Preferred Stock, Series 3, is payable on May 28, 2014 to shareholders of record as of May 15, 2014.

--A quarterly cash dividend of $0.24722 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 4, is payable on May 28, 2014 to shareholders of record as of May 15, 2014.

--A quarterly cash dividend of $0.24722 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 5, is payable on May 21, 2014 to shareholders of record as of May 1, 2014.

On Apr. 3, BAC’s share price closed at $17.15, down 8 cents from its close of $17.23 the previous day.

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